Enbridge to Supply Meta with Power from 600-MW Solar Project in Texas

Enbridge Inc. said it has reached a final investment decision on Clear Fork, a 600-megawatt (MW) solar project in Texas, with Meta Platforms, Inc. signing a long-term contract for 100 percent of the renewable output of the project.

Clear Fork is planned to be a utility-scale solar facility located near San Antonio. Construction is underway, and the facility is expected to enter service in the summer of 2027, the company said in a news release.

Enbridge’s estimated project cost is $900 million and the project is expected to be accretive to cash flow and earnings per share starting in 2027, the company said.

“Clear Fork demonstrates the growing demand for renewable power across North America from blue-chip companies who are involved in technology and data center operations,” Enbridge Executive Vice President Matthew Akman said. “Enbridge continues to advance its world-class renewables development portfolio using our financial strength, supply chain reach and construction expertise under a low-risk commercial model that delivers strong competitive returns”.

“We are thrilled to partner with Enbridge to bring new renewable energy to Texas and help support our operations with 100 percent clean energy,” Meta Head of Global Energy Urvi Parekh said.

First Nations Stake Acquisition

Earlier in the month, Stonlasec8 Indigenous Alliance Limited, representing 38 Indigenous communities in British Columbia, completed a CAD 715 million ($512.75 million) equity investment to acquire a 12.5 percent ownership interest in Enbridge’s Westcoast natural gas pipeline system.

The acquisition was supported by two separate bond financings by TD Securities Inc., as a bond placement agent, and a syndicate of institutional investors who provided CAD 400 million through a secured bond issuance to facilitate the Indigenous Partnership’s investment, according to a separate statement.

The bond financing was backed by a CAD 400 million loan guarantee under the new Indigenous Loan Guarantee Program, administered by the Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV). The transaction is the first to be completed under new loan guarantee program, the statement said.

“Enbridge’s Westcoast pipeline system is a legacy asset that has operated within our traditional territories for over 65 years. Now, our Nations will receive sustained economic benefits from this asset, funding critical investments in housing, infrastructure, environmental stewardship, and cultural preservation. People often ask what economic reconciliation for Indigenous Peoples looks like. This is it,” Chief David Jimmie, President and Chair of Stonlasec8 and Chief of Squiala First Nation, said in an earlier statement.

“Enbridge’s commitment to advance Indigenous ownership opportunities related to our existing and growing energy assets underlines our efforts to be the First Choice partner for the communities we serve. These partnerships – which are part of our Indigenous Reconciliation Action Plan – allow Indigenous communities to beneficially invest in our operations and play a greater role in shaping Canada’s energy future,” Enbridge President and CEO Greg Ebel said. “This transaction is one of several such partnerships we have undertaken in the last several years and we continue to explore additional opportunities for Indigenous partnerships”.

Enbridge’s Westcoast natural gas pipeline system is capable of transporting up to 3.6 billion cubic feet of natural gas per day. Owned by Westcoast Energy Inc., a wholly owned subsidiary of Enbridge, this system stretches more than 2,900 kilometers from Fort Nelson in northeast B.C. and from Gordondale near the B.C.-Alberta border, south to the Canada-U.S. border at Huntingdon/Sumas. Natural gas transported on this pipeline system provides energy throughout B.C. and the Lower Mainland, Alberta and the U.S. Pacific Northwest, the company said.

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